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- Oil prices rise on concerns over oil supply from Libya and Brazil
Oil prices rise on concerns over oil supply from Libya and Brazil
Oil prices rose on concerns over oil supply from Libya and Brazil. Oil workers on Sunday began a strike at state-owned oil producer Petroleo Brasileiro. According to the International Energy Agency (IEA), Brazil produced 2.55 million barrels a day of crude oil and condensate in August.
Libya's oil company National Oil Corp. declared force majeure and suspended deliveries from the port of Zueitina.
Market participants are awaiting the release of U.S. crude oil inventories data. The American Petroleum Institute (API) is scheduled to release its U.S. oil inventories data later in the day, and U.S. oil inventories data from the U.S. Energy Information Administration is expected on Wednesday.
WTI crude oil for December delivery rose to $47.16 a barrel on the New York Mercantile Exchange.
Brent crude oil for December climbed to $49.82 a barrel on ICE Futures Europe.
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